Price of a flat rises by 62% in ten years

The average price of a flat in the UK has risen by 62% in the past decade, according to research from Halifax.

Ten years ago the average UK flat was on the market for £145,874, but that has jumped to £233,424.

The increase is significantly higher than the 38% rise seen for all residential properties over the same period.

However, Halifax said a big proportion of the national rise in flat prices since 2005 was due to the rapid increase in flat prices in London, where flats represent 49% of property sales, compared with just 17% nationally.

Detached homes (21%) and bungalows (28%) have recorded the smallest rises over the past ten years.

A typical flat currently costs less than £120,000 in the North, East Midlands, Wales and Yorkshire & the Humber, and between £120,000 and £145,000 in the North-West, West Midlands, Scotland and East Anglia.

At £370,281, a typical London flat is considerably more expensive than flats anywhere else in the UK.

Halifax housing economist Martin Ellis said: “Flats have recorded larger price gains over the past ten years than any other property type. The national increase in flat prices has been led by London where flats account for roughly one in two property sales – substantially higher than for the country as a whole.

“Overall, semi-detached and terrace homes have remained the most popular types among purchasers.

“First-time buyers have switched to some extent away from flats – reflecting their large price increases – towards semi-detached homes over the last decade.”